Russian and Ukrainian oligarchs slip down the Sunday Times Rich List, amid
speculation that the crisis between the two countries could be putting a
dent in their wealth

Oligarchs have slipped down the list of the richest people in Britain as the “malaise” of the Russian economy and crisis in Ukraine is wiping billions off their wealth.

The number of billionaires living in Britain has increased by almost 20 in a year to reach 104, as this year’s Sunday Times Rich List sees several UK businessmen join the ranks of the super rich for the first time.

Alisher Usmanov, a Russian who controls the top three social networks in his own country and has a stake in Arsenal football club, has slipped from first to second place in the list, to be replaced by Indian born brothers Sri and Gopi Hinduja.

Usmanov, who enjoyed just one year in the top position, saw his wealth decline by £2.65 billion in the last 12 months.

His fall from the top spot is seen as a possible result of declining sympathy for pro-Kremlin oligarchs following the intervention in Ukraine, according to the list.

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Pavel Durov, founder and chief executive of VKontake – Russia’s largest social networking site in which Usamnov has a 52 per cent stake – left the company this year, complaining of Kremlin interference.

Philip Beresford, who compiles the annual rich list, said: "The malaise of the Russian economy and the current crisis has had its effect on them all."

Western countries are currently imposing limited sanctions on Moscow, targeting some Russian political and business leaders suspected of being linked to Crimea.

Last week the European Central Bank said outflows from Russia since the start of the Ukraine crisis may be four times higher than that being admitted by the Kremlin.

These factors have put pressure on an already ailing economy, which has seen growth slow in the last 18 months and inflation remain high.

Lars Christensen from Danske Bank said Russia’s economy is already in recession and that further sanctions could risk a a repeat of events in 2008 when capital flight set off serial defaults and a banking crisis.

Ukranian-American Len Blavatnik, who owns record label Warner Music, has also seen £1 billion wiped off his fortune, as he slipped from second to fourth place in the list.

Roman Abramovich, the owner of Chelsea football club, is another example of the decline of the oligarchs in the ranks of the super wealthy.

Roman Abramovich (AP)

Abramovich, who paid his ex-wife £155 million when they divorced in 2007, has fallen four places from fifth in 2013 to ninth place this year after his wealth declined by £780 million.

While the number of Russian and Ukrainian oligarchs has declined, a number of British businessmen now make the list.

Sir Cameron Mackintosh, a West End producer, saw his fortune rise by £175 million in the last year to £1 billion – earning him his first appearance in the list of billionaires. Chris Dawson, who owns and runs The Range discount store chain, also joins him as his fortune rose by £695 million in the past 12 months to £1.28 billion.

London now hosts 72 billionaires – more than any other city in the world and far ahead of Russia which is the next highest with 48.

The richest Briton on the list, Gerald Grosvenor, the Duke of Westminster, is ranked tenth after his fortune rose to £8.5 billion.

Despite leaving Harrow with two O levels, the Duke has a vast property empire including much of London’s affluent districts – including much of Oxford Street and 300 acres of Belgravia and Mayfair.

His son, Hugh, Earl of Grosvenor, is one of seven godparents to Prince George.

The Hinduja brothers, born in India, have risen from third place to first in a year to top the Sunday Times Rich List with their combined wealth of £11.9bn.

The pair, who live in a converted six storey home near to Buckingham Palace, made their fortune in dubbing Hindi films for Persian and Middle East markets before moving and settling in London. They run the global conglomerate Hinduja Group increased their wealth by £1.3 billion in the last year.

Kirsten and Jorn Rausing, the children of the late Gad Rausing who inherited Tetra Pak along with his brother Hans, had the biggest increase in wealth of £3.7 billion in 12 months.